Question

If your parents put $600 in as their principal, they have it in for 6 years, and the interest is $100, what was the interest rate?

Answer 1

2.77%

Explanation:

100 = 600 * r * 6

100 = 3600r

100/3600 = .027777778

.027777778 * 100 = 2.7777778

2.77%